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September consumer credit grows at slowest rate in 15 months
Consumer borrowing grew in September at the slowest rate in fifteen months, according to Federal Reserve data released Thursday. Total consumer credit increased $9.5 billion, down from $17.8 billion in August. Economists has been expecting a $15 billion gain, according to Econoday. The September gain was well below the monthly average growth for the first eight months of the year of around $16 billion. It translates into an annual growth rate of 2.8%, the slowest since June 2018. What happened: Revolving credit, like credit cards, fell for the second straight month in September. Borrowing fell 1.2% after falling 2.5% ... (full story)